(Promulgated by the People's Bank of China on 7 October 1997 and effective as of 15 October 1997.)
颁布日期：19971007 　实施日期：19971015 　颁布单位：中国人民银行

PART ONE　GENERAL PROVISIONS

Article 1　These Provisions are formulated in accordance with the PRC, Foreign Exchange Control Regulations and the Administration of the Settlement, Sale and Payment of Foreign Exchange Provisions, in order to standardize the opening and the use of foreign exchange accounts and to strengthen the supervision and control of foreign exchange accounts.

Article 2　The State Administration of Foreign Exchange and its branches and sub-branches (the "Administration of Foreign Exchange") shall be the authority for the administration of foreign exchange accounts.

Article 3　The opening, use and closing of foreign exchange accounts by organizations inside the People's Republic of China, foreign establishments inside the People's Republic of China, individuals, and persons that have come to the People's Republic of China shall be governed by these Provisions.

Account-providing financial institutions inside the People's Republic of China shall carry out the procedures for opening and closing of foreign exchange accounts, and supervise receipts and payments, in accordance with the Provisions.

Article 4　The following terms as used herein shall have the meanings set out below:

The term "account-providing financial institutions" shall mean banks and non-banking financial institutions which, following approval, are engaged in foreign exchange business.

The term "foreign exchange accounts" shall mean accounts which are opened with account-providing financial institutions by organizations inside the People's Republic of China, foreign establishments inside the People's Republic of China, individuals, and persons that have come to the People's Republic of China, using freely convertible currencies.

Article 5　Organizations inside the People's Republic of China and foreign establishments inside the People's Republic of China shall generally not be establishments inside the People's Republic of China shall generally not be permitted to open foreign currency cash accounts. Individuals, and persons that have come to the People's Republic of China, shall generally not be permitted to open foreign exchange accounts to be used for settlement purposes.

PART TWO　FOREIGN EXCHANGE ACCOUNTS RELATING TO CURRENT ACCOUNT ITEMS, AND THE OPENING AND USE THEREOF

Article 6　Foreign exchange accounts may be opened to retain as foreign currency foreign exchange relating to the following current account items:

1. business-related current foreign exchange generated by companies inside the People's Republic of China engaged in project contracting outside the People's Republic of China or in the provision of labour services to or technical co-operation with entities outside the People's Republic of China in the course of their engagement in such business;

2. foreign exchange that is collected and paid on behalf of their principals by organizations inside the People's Republic of China which act as agents in foreign-related business or in business outside the People's Republic of China;

3. foreign exchange that organizations inside the People's Republic of China have provisionally collected and are awaiting payment or have provisionally collected and are awaiting settlement, including tender deposits, performance bonds, foreign exchange received from entrepot trade where payment is collected first and made later, foreign exchange remittances by the post and telecommunications authorities in their international remittance business, foreign exchange collected by the railway authorities from their engagement in transportation outside the People's Republic of China at guaranteed prices, foreign exchange bonds collected by Customs and security payments, etc. that are remitted from outside the People's Republic of China;

4. business-related current foreign exchange of ocean shipping companies engaged in international ocean shipping business with the approval of the Ministry of Communications, and of those foreign-related shipping companies and vessel charter companies that are engaged in international transportation with the approval of the Ministry of Foreign Trade and Economic Co-operation;

5. premiums for foreign exchange insurance accepted by premiums for the insurance of risks to be reinsured with insurance companies outside the People's Republic of China by, and as yet unsettled premiums of, insurance institutions;

6. foreign exchange donations, financial assistance or aid made or granted outside the People's Republic of China which the relevant agreement requires to be used for payments outside the People's Republic of China;

7. foreign exchange revenue of duty-free product companies from their engagement in duty-free product business;

8. advance payments and progress payments received by enterprises with import and export business rights (i) while engaged in an export project for large electric and mechanical products, where the total amount of the project and the term for implementation of the project meet the prescribed standards, or (ii) in the course of a project for which international tenders are invited;

9. foreign currency payments made in advance by foreign tourism organizations and collected by international travel agencies, up to the limit that may be retained as determined by the Administration of Foreign Exchange;

10. foreign exchange of foreign investment enterprises relating to current account items, up to the maximum amount that may be retained as determined by the Administration of Foreign Exchange;

11. foreign exchange used by organizations inside the People's Republic of China for payment of interest on and fees in connection with foreign exchange debts incurred inside or outside the People's Republic of China;

12. foreign exchange funds of foreign establishments inside the People's Republic of China remitted from outside the People's Republic of China;

13. foreign exchange income of individuals, and persons who have come to the People's Republic of China, relating to current account items;

14. other foreign exchange of organizations inside the People's Republic of China relating to current account items which the Administration of Foreign Exchange has permitted them to retain.

Article 7　With respect to foreign exchange accounts opened by organizatons inside the People's Republic of China in accordance with Items (1) to (10) and Item (14) of Article 6 hereof, receipts therein shall be foreign exchange from current account sources; and payments therefrom shall be used for payments relating to current account items or those capital account items for which the Administration of Foreign Exchange has granted approval.

Article 8　With respect to foreign exchange accounts opened by foreign establishments inside the People's Republic of China in accordance with Item (12) of Article 6 hereof, receipts therein shall be funds for office expenses remitted from sources outside the People's Republic of China; and payments therefrom shall be used for expenses.

Article 9　Individuals, and persons who have come to the People's Republic of China, may open individual foreign exchange or foreign currency cash deposit accounts in accordance with Item (13) of Article 6 hereof.

Article 10　The opening of foreign exchange accounts relating to current account items by organizations inside the People's Republic of China shall be subject to approval by the Administration of Foreign Exchange.

Article 11　Organizations inside the People's Republic of China (except for foreign investment enterprises) shall apply to the Administration of Foreign Exchange for approval to open an account by presenting the documents set forth below and completing an Approval Document of the State Administration of Foreign Exchange for Opening of a Foreign Exchange Account (Annex 1); following approval, they shall open a foreign exchange account with a wholly Chinese-owned account-providing financial institution and, within five days after the opening of the account, obtain a Foreign Exchange Account Use Permit (Annex 2) from the Administration of Foreign Exchange on the strength of the written acknowledgment of opening of the account:

1. an application for approval to open a foreign exchange account;

2. one of the following documents, depending on the nature of the account-opening unit: the business licence issued by the administration for industry and commerce, or the group registration certificate issued by the department of civil affairs or the valid approval document by which an authority authorized by the State approved its establishment;

3. the approval document by which an authority authorized by the State Council approved its engagement in its business operations; and

4. relevant contracts, agreements or other relevant materials that the Administration of Foreign Exchange requires to be submitted.

After the wholly Chinese-owned account-providing financial institution has opened a foreign exchange account for the organization inside the People's Republic of China, it shall note the account number, currency and date of opening on, and affix its chop to, the written acknowledgment of opening of the account.

Article 12　When a foreign investment enterprise wishes to open a foreign exchange account relating to current account items, it shall apply to the Administration of Foreign Exchange by presenting an application for approval to open a foreign exchange account and a Foreign Exchange Registration Certificate of a Foreign Investment Enterprise. On the strength of the Notice of Opening of an Account and the Foreign Exchange Registration Certificate of a Foreign Investment Enterprise issued by the Administration of Foreign Exchange, it shall carry out the account-opening procedures with the account-providing financial institution. After the account-providing financial institution has opened a foreign exchange account for the foreign investment enterprise, it shall note the account number, currency and date of opening in, and affix its chop to, the appropriate columns of the Foreign Exchange Registration Certificate of a Foreign Investment Enterprise.

Article 13　When an organization inside the People's Republic of China applies for approval to open a foreign exchange account, the Administration of Foreign Exchange shall, on the basis of the purpose of the account, prescribe the scope of payments into and out of the account, the term of use of the account, and the corresponding method of settlement or the determined maximum amount, and shall note the same on the Foreign Exchange Account Use Permit or the Foreign Exchange Registration Certificate of a Foreign Investment Enterprise.

Article 14　Foreign establishments inside the People's Republic of China shall register for the record with the Administration of Foreign Exchange on the strength of the document by which the relevant authority approved its establishment and their business registration certificate, and obtain a Foreign Exchange Account Recordal Form for a Foreign Establishment Inside the People's Republic of China (Annex 3) . Thereupon, they shall carry out the account-opening procedures with the account-providing financial institution on the strength of the Foreign Exchange Account Recordal Form for a Foreign Establishment Inside the People's Republic of China.

Article 15　Individuals, and persons who have come to the People's Republic of China, may freely deposit and withdraw foreign exchange or foreign currency cash. Large foreign currency cash deposits or withdrawals that exceed the equivalent of US$10,000 shall require provision of one's identity card or passport to the bank with which the account has been opened, and such banks shall register such transactions for the record on a transaction-by-transaction basis.

Article 16　Payments into and out of foreign exchange accounts relating to current account items that have been opened by organizations inside the People's Republic of China and foreign establishments inside the People's Republic of China shall be handled in accordance with the scope of receipts and payments specified on the Foreign Exchange Account Use Permit, Foreign Exchange Registration Certificate of a Foreign Investment Enterprise or Foreign Exchange Account Recordal Form for a Foreign Establishment Inside the People's Republic of China.

Article 17　Where foreign exchange revenue of a foreign investment enterprise relating to current account items is deposited into its foreign exchange settlement account, the amount shall be retained in foreign currency up to the maximum amount determined by the Administration of Foreign Exchange. The portion of foreign exchange that exceeds the maximum amount shall be sold to a designated foreign exchange bank or through a foreign exchange adjustment centre.

When an account-providing financial institution receives foreign exchange of a foreign investment enterprise relating to current account items and the amount of such foreign exchange exceeds the maximum amount of the foreign exchange settlement account, it may temporarily deposit the amount into the account and at the same time notify the foreign investment enterprise that it should settle the foreign exchange, or sell it through a foreign exchange adjustment center, within five working days. If the foreign investment enterprise fails to do so within such time limit, the account-providing financial institution shall report the matter to the local Administration of Foreign Exchange, which shall order compulsory settlement of the foreign exchange.

Administrations of Foreign Exchange shall adjust the principles for determination of the maximum amounts of foreign exchange settlement accounts in accordance with the paid-up capital of the foreign investment enterprises and the said enterprises' requirements in respect of turnover of foreign exchange funds relating to current account items.

Article 18　Other organizations inside the People's Republic of China shall settle the funds in their foreign exchange settlement accounts in accordance with the method of settlement specified on their Foreign Exchange Account Use Permits.

Article 19　Account-providing financial institutions shall prepare unified measures for the administration of accounts for deposits paid for foreign exchange letters of credit and report such measures to the Administration of Foreign Exchange for the record. As may be required for risk control purposes, they shall open such accounts for organizations inside the People's Republic of China in accordance with the administration measures reported for the record.

Accounts for deposits paid for foreign exchange letters of credit may not be used for any other purposes.

PART THREE　FOREIGN EXCHANGE ACCOUNTS RELATING TO CAPITAL ACCOUNT ITEMS, AND THE OPENING AND USE THEREOF

Article 20　Foreign exchange accounts may be opened to retain as foreign currency foreign exchange relating to the following capital account items:

1. foreign loans taken out by, foreign loans on-lent to, and foreign exchange loans granted by wholly Chinese-owned financial institutions inside the People's Republic of China to, organizations inside the People's Republic of China;

2. foreign exchange to be used by organizations inside the People's Republic of China for repayment of the principal of foreign exchange debts incurred inside or outside the People's Republic of China;

3. foreign exchange revenue of organizations inside the People's Republic of China from the issue of stock;

4. capital injected in foreign exchange by the Chinese and foreign parties to foreign investment enterprises;

5. foreign exchange remitted by legal or natural persons outside the People's Republic of China in order to prepare the establishment of a foreign investment enterprise;

6. foreign exchange obtained by organizations inside the People's Republic of China from realization of their assets in stock;

7. foreign exchange of legal or natural persons outside the People's Republic of China in connection with the trading of B shares inside the People's Republic of China;

8. other foreign exchange relating to capital account items approved by the Administration of Foreign Exchange.

Article 21　With respect to special loan accounts opened in accordance with Item One of Article 20 hereof, receipts therein shall be in the form of payments under the foreign loan contract, foreign loan on-lending contract or foreign exchange loan contract; and payments therefrom shall be for the purpose specified in the loan agreement.

Article 22　With respect to special loan repayment accounts opened in accordance with Item (11) of Article 6 hereof or Item (2) of Article 20 hereof, receipts therein shall be in the form of foreign exchange which, upon approval, has been purchased with Renminbi, funds which, upon approval, have been transferred from special loan accounts and foreign exchange which, upon approval, may be retained as foreign currency; payments therefrom shall be used for repayment of the principal of the debt together with the interest thereon and for the payment of relevant fees.

Article 23　With respect to special foreign currency stock accounts opened in accordance with Item Three of Article 20 hereof, receipts therein shall be in the form of proceeds from the issue of foreign currency stock; and payments therefrom shall be for the purposes specified in the offering prospectus approved by the securities regulatory authorities.

Article 24　With respect to accounts for foreign exchange capital of foreign investment enterprises opened in accordance with Item Four of Article 20 hereof, receipts therein shall be in the form of capital injected in foreign exchange by the Chinese and foreign parties to the foreign investment enterprise; and payments therefrom shall be the foreign exchange expenditure of the foreign investment enterprise relating to current account items and such foreign exchange expenditure for capital account items as has been approved by the Administration of Foreign Exchange.

Article 25　With respect to special temporary accounts opened in accordance with Item Five of Article 20 hereof, receipts therein shall be in the form of foreign exchange remitted by legal or natural persons outside the People's Republic of China in order to prepare the establishment of a foreign investment enterprise; and payments therefrom shall be the start-up expenses and other related expenses in connection with the establishment of the foreign investment enterprise. After the enterprise has been established, the balance in the temporary account may be transferred to the enterprise's capital funds accounts as monetary investment from the foreign investor. If the enterprise is not established, the funds may be remitted out of the People's Republic of China, subject to verification and approval by the Administration of Foreign Exchange.

Article 26　With respect to foreign exchange accounts opened in accordance with Item Six of Article 20 hereof, receipts therein shall be in the form of foreign exchange proceeds obtained by organizations inside the People's Republic of China from assignment of their existing assets; and payments therefrom shall be for approved purposes.

Article 27　With respect to foreign exchange accounts opened in accordance with Item Seven of Article 20 hereof, receipts therein shall be in the form of foreign exchange proceeds from share trading, or foreign exchange remitted or carried into the People's Republic of China, by legal or natural persons outside the People's Republic of China; and payments therefrom shall be for purposes of share trading.

Article 28　To open a foreign exchange account relating to capital account items (except for foreign exchange accounts to be opened in accordance with Item Seven of Article 20 hereof), an application shall be made to the Administration of Foreign Exchange by presenting an application for approval to open a foreign exchange account and the relevant documents and materials set forth below; following approval, procedures for opening of the account shall be carried with the accounting-providing financial institution on the strength of the Notice of Opening of an Account issued by the Administration of Foreign Exchange :

1. organizations inside the People's Republic of China that wish to open a special loan account and a special loan repayment account shall present an original copy of the loan contract, the foreign debt registration certificate or the (On-lent) Foreign Exchange Loan Registration Certificate;

2. organizations inside the People's Republic of China that apply for approval to open a special stock account shall present materials such as the offering prospectus approved by the securities regulatory authorities;

3. foreign investment enterprises that apply for approval to open a capital account shall present the Foreign Exchange Registration Certificate of a Foreign Investment Enterprise and other materials;

4. legal or natural persons outside the People's Republic of China that apply for approval to open a special temporary account shall present proof of remittance and the signed letter of intent;

5. organizations inside the People's Republic of China that wish to open a foreign exchange account in accordance with Item Six of Article 20 hereof shall present documents such as the document by which a competent approval authority approved the assignment, the assignment agreement, the plan for application of the funds, etc.

Article 29　Legal or natural persons outside the People's Republic of China that wish to open a B share account in accordance with Item Seven of Article 20 hereof shall directly open an account with a securities house on the strength of their certificates from outside the People's Republic of China showing that they are institutions with the status of a legal person or on the strength of their personal identity cards from outside the People's Republic of China.

Article 30　When organizations inside the People's Republic of China apply for approval to open a foreign exchange account relating to capital account items, the Administration of Foreign Exchange shall prescribe the scope of payments into and out of the account, the term of use of the account, and the determined maximum amount of the account, and shall note the same on the Notice of Opening of an Account.

Article 31　After an account-providing financial institution has opened a foreign exchange account relating to capital account items for a foreign investment enterprise, it shall note the account number, currency and date of opening on, and affix its chop to, the Foreign Exchange Registration Certificate of a Foreign Investment Enterprise.

Article 32　Organizations inside the People's Republic of China may use the funds in their special loan account for the purpose specified in the loan agreement, without approval from the Administration of Foreign Exchange.

The balance in a special loan repayment account may not exceed the total amount of principal and interest payable for the next two installments. Payments out of such account shall be submitted to the Administration of Foreign Exchange for examination and approval on a payment-by-payment basis.

Article 33　When an organization inside the People's Republic of China wishes to repay a foreign debt, repay an on-lent foreign loan, or pay a fee in connection therewith, through its special loan repayment account, it shall apply five working days in advance to the Administration of Foreign Exchange of the place where it is located on the strength of its foreign debt registration certificate and the creditor's debit note for repayment of principal or payment of interest, and obtain a Principal Repayment and Interest Payment Approval Certificate. The account-providing financial institution shall carry out the payment procedures on the strength of the Principal Repayment and Interest Payment Approval Certificate issued by the Administration of Foreign Exchange.

Article 34　When an organization inside the People's Republic of China wishes to repay the principal of, pay interest on, or pay a fee in connection with, a foreign exchange loan from a wholly Chinese-owned financial institution inside the People's Republic of China through its special loan repayment account, it may handle the matter directly with the account-providing financial institution on the strength of its (On-lent) Foreign Exchange Loan Registration Certificate, the creditor's debit note for repayment of principal or payment of interest and the loan contract.

Article 35　If an organization inside the People's Republic of China wishes to convert funds in its foreign exchange account relating to capital account items into Renminbi, it shall submit the matter to the Administration of Foreign Exchange for approval. The funds in foreign exchange accounts opened by legal or natural persons outside the People's Republic of China in accordance with Item Seven of Article 20 hereof may not be converted into Renminbi for use.

PART FOUR　SUPERVISION AND CONTROL OF FOREIGN EXCHANGE ACCOUNTS

Article 36　Organizations inside the People's Republic of China and foreign establishments inside the People's Republic of China shall apply for approval to open an account to the Administration of Foreign Exchange of their place of registration. If they need to open a foreign exchange account elsewhere in China, the matter shall be handled in accordance with the following provisions:

1. A foreign investment enterprise shall apply to the Administration of Foreign Exchange of its place of registration, and carry out recordal procedures with the Administration of Foreign Exchange of the place where the account is to be opened on the strength of the Notice of Opening of an Account issued by the Administration of Foreign Exchange of its place of registration. After the Administration of Foreign Exchange of the place where the account is to be opened has verified and affixed its chop to the said notice, the enterprise shall carry out the procedures with the account-providing financial institution.

2. Any other organization inside the People's Republic of China that wishes to open a foreign exchange account relating to current account items in accordance with these Provisions shall apply to the Administration of Foreign Exchange of the place where the account is to be opened on the strength of the approval document of the Administration of Foreign Exchange of its place of registration and related documents, whereupon the Administration of Foreign Exchange of the place where the account is to be opened shall issue an Approval Certificate for the Opening of a Foreign Exchange Certificate and a Foreign Exchange Account Use Permit.

3. Any other organization inside the People's Republic of China that wishes to open a foreign exchange account relating to capital account items in accordance with these Provisions shall carry out recordal procedures with the Administration of Foreign Exchange of the place where the account is to be opened on the strength of the Notice of Opening of an Account issued by the Administration of Foreign Exchange of its place of registration. After the Administration of Foreign Exchange of the place where the account is to be opened has verified and affixed its chop to the said notice, the enterprise shall open the foreign exchange account with the account-providing financial institution.

4. A foreign establishment inside the People's Republic of China shall obtain a Foreign Exchange Account Recordal Form for a Foreign Establishment Inside the People's Republic of China from both the Administration of Foreign Exchange of its place of registration and the Administration of Foreign Exchange of the place where the account is to be opened.

Article 37　If an organization inside the People's Republic of China or a foreign establishment inside the People's Republic of China needs to change particulars of its foreign exchange account as contained in its Foreign Exchange Account Use Permit, Foreign Exchange Registration Certificate of a Foreign Investment Enterprise, Foreign Exchange Account Recordal Form for a Foreign Establishment Inside the People's Republic of China or Notice of Opening of an Account, it shall apply to the Administration of Foreign Exchange on the strength of the relevant documents and carry out the procedures in respect of the change.

Article 38　If an organization inside the People's Republic of China or a foreign establishment inside the People's Republic of China needs to close its foreign exchange account, it shall, within 10 working days after it has carried the procedures for clearing the account, deliver evidence of the closing of the account by the account-providing financial institution and its Foreign Exchange Account Use Permit, proof of foreign debt registration, Foreign Exchange Registration Certificate of a Foreign Investment Enterprise or Foreign Exchange Account Recordal Form for a Foreign Establishment Inside the People's Republic of China, and carry out the procedures in respect of the change.

After an organization inside the People's Republic of China has closed its foreign exchange account, if the balance in the account belongs to the foreign investor or, following approval, may be retained, then such balance may be transferred or be remitted out of the country. If such balance consists of any other kind of foreign exchange, then all of it shall be settled.

After a foreign establishment inside the People's Republic of China has closed its foreign exchange account, the balance in the account may be transferred or be remitted out of the country.

Article 39　The Administration of Foreign Exchange shall implement a system of annual inspection of the foreign exchange accounts of organizations inside the People's Republic of China and foreign establishments inside the People's Republic of China.

Article 40　Account-providing financial institutions shall submit information on changes in their foreign exchange accounts to the Administration of Foreign Exchange of the place where they are located, as required by the Administration of Foreign Exchange.

Article 41　For any foreign exchange account that needs to be cancelled, the Administration of Foreign Exchange shall send a Notice of Cancellation of a Foreign Exchange Account to the account-providing financial institution and the unit that opened the account. In addition, it shall handle the balance in the account in a clear-cut manner in accordance with regulations and set a time limit for the carrying out of account cancellation procedures.

Article 42　Organizations inside the People's Republic of China and foreign establishments inside the People's Republic of China shall apply for approval to open foreign exchange accounts, and carry out the procedures for opening such accounts, in accordance with these Provisions. They shall use their foreign exchange accounts in accordance with the scope of receipts and payments, term of use and maximum amount specified by the Administration of Foreign Exchange. They may not open foreign exchange accounts without approval; lease out or lend their foreign exchange accounts or share their foreign exchange accounts with others; use their foreign exchange accounts to receive, pay, keep or assign foreign exchange on behalf of other units or individuals; privately deposit the unit's foreign exchange under the name of an individual; or, without authorization, use their foreign exchange accounts beyond the term of use or maximum amount specified by the Administration of Foreign Exchange.

Article 43　Account-providing financial institutions shall carry out the procedures for opening of accounts, making of payments into and out of accounts and closing of accounts for organizations inside the People's Republic of China, foreign establishments inside the People's Republic of China, individuals, and persons that have come to the People's Republic of China, and shall supervise the use by account-opening units and individuals of their foreign exchange accounts, in accordance with these Provisions. They may not open foreign exchange accounts for organizations inside the People's Republic of China, foreign establishments inside the People's Republic of China, individuals, and persons that have come to the People's Republic of China, without authorization or handle the receipt and payment of funds into and out of such accounts beyond the approved scope.

Article 44　If organizations inside the People's Republic of China, foreign establishments inside the People's Republic of China, individuals, or persons that have come to the People's Republic of China, violate the regulations for administration of foreign exchange accounts in any of the following ways, the Administration of Foreign Exchange shall order rectification, cancel the foreign exchange account, circulate a notice of criticism and impose a fine of not less than Rmb 50,000 and not more than Rmb 300,000:

1. opening of a foreign exchange account inside the People's Republic of China without authorization;

2. leasing out or lending one's foreign exchange accounts or sharing one's foreign exchange account with others;

3. changing, without authorization, the scope of use of one's foreign exchange account;

4. using one's foreign exchange account beyond the maximum amount or term of use determined by the Administration of Foreign Exchange, without authorization; or

5. otherwise acting in violation of these Provisions.

Article 45　If an account-providing institution opens, without authorization, a foreign exchange account for an organization inside the People's Republic of China, a foreign establishment inside the People's Republic of China, an individual, or a person that has come to the People's Republic of China, or if an account-providing institution handles, without authorization, payments into or out of an account beyond the scope determined by the Administration of Foreign Exchange, or if an account-providing institution violates other regulations concerning the administration of foreign exchange accounts, the Administration of Foreign Exchange shall order rectification, circulate a notice of criticism and impose a fine of not less than Rmb 100,000 and not more than Rmb 300,000.

PART FIVE　SUPPLEMENTARY PROVISIONS

Article 46　The opening and use of foreign exchange accounts of economic organizations with foreign investment inside the People's Republic of China that hold a business licence but have no legal person status shall be handled in accordance with the provisions of these Provisions concerning foreign investment enterprises.

Article 47　These Provision shall not apply to the following accounts:

1. inter-bank foreign exchange deposit accounts;

2. foreign exchange accounts opened inside the People's Republic of China by foreign embassies and consulates, and representative organizations inside the People's Republic of China of international organizations, which have diplomatic immunity.

Article 48　The State Administration of Foreign Exchange shall be in charge of interpreting these Provisions.

Article 49　These Provisions shall be implemented as of 15 October 1997.

The Administration of Foreign Exchange Accounts Tentative Procedures issued by the People's Bank of China on 1 April 1994, the Relevant Questions Concerning the Circular issued by the State Administration of Foreign Exchange on 30 May 1994, the Opening of Accounts for Repayment of the Principal of Foreign Debts and (On-lent) Foreign Exchange Loans and Payment of Interest Thereon Operational Rules issued by the State Administration of Foreign Exchange on 22 June 1994 and the Administration of Foreign Exchange Accounts Inside China of Foreign Investment Enterprises Tentative Procedures issued by the State Administration of Foreign Exchange on 28 June 1996 shall be repealed at the same date.